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Word ‘Capital asset’ in section 2(14) does not necessarily mean that property, which assessee holds, must be his own
Case Law Details
- Case Name
- Asian PPG Industries Ltd. Vs. DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Mumbai
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RELEVANT PARAGRAPH
7. We have heard the learned representatives of the parties and perused the record. The crux of the matter under consideration whether under the facts and circumstances of the case under consideration there is transfer of asset and same is liable to capital gains or loss. The case of the revenue is that the assessee was not the owner of the plot therefore there was no transfer which is liable to capital gains. We may note here that the AO did not dispute the calculation of long term capital loss. The relevant provisions of the Act to the issue under consider...
